TRUWTHS:  4,453   0 (0.00%)  24/01/2020 00:00

Fashion retailer Truworths forecasts lower annual core earnings

Aug 1 (Reuters) - Clothing retailer Truworths International Ltd on Thursday forecast lower annual core earnings and took a 97 million pound ($117.81 million) impairment charge related to its Office shoe chain in Britain.

The South African-listed clothing, shoes, jewellery and homeware retailer said full-year core headline earnings per share were expected to fall between 7% and 9% to between 558 cents and 570 cents.

The group also said its retail sales increased by 3.7% to 18.6 billion rand for the 52-week period ended June 30.

The company said a tough trading environment in Britain because of uncertainty over Brexit, plus pressures on store-based retailing as shoppers move online had hit the profitability of the Office business.

Truworths, last month said Office had entered into debt restructuring talks with its lenders.

The company said trading space for its Office division decreased 5.2% mainly due to the closure of some House of Fraser concession stores.

($1 = 0.8234 pounds) (Reporting by Samantha Machado in Bengaluru. Editing by Jane Merriman)

2019-08-01 18:27:55

© 2020 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.